The US economy is expected to grow 6.8% in the first quarter of 2021 and 4.4% in the second quarter, the latter showed on Friday. Nowcasting Report from the Federal Reserve Bank of New York.
“The news from this week’s data release increased the immediate forecast for 2021: Q1 by 0.8% and increased the immediate forecast for 2021: Q2 by 2.9%,” the New York Fed explained in its release. “A big positive surprise from the retail sales data drove the increase in both quarters, with positive news from industrial production, capacity utilization and home construction also contributing.”
Market reaction
The US Dollar Index largely ignored this report and was last seen shedding 0.12% on the day at 91.55.
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